The present invention relates to systems and methods for conducting financial transactions over a network and, more particularly, to systems and methods for renegotiating financial instruments over a network.
Open communication networks, such as the Internet, in combination with the prevalence of personal computers that access such networks, have given rise to electronic commerce in which personal computers operated by customers and clients exchange information with and conduct business transactions with computing systems operated by merchants. A burgeoning component of electronic commerce comprises banking and investment transactions. Such networks enable a customer of a financial institution or investment institution, through his or her personal computer, to access his or her account at that financial or investment institution and remotely perform such financial transactions as transferring funds from one account to another at the institution, paying bills to third parties using funds of the institution and the like.
An example of such a system is disclosed in U.S. Pat. No. 6,131,810 issued to Weiss et al. That patent discloses a consumer banking system and method in which a customer, at his or her personal computer, accesses the computer system of a financial institution by way of the Internet to perform such functions as opening a checking account, purchasing a certificate of deposit, obtaining a credit card and applying for a loan. The financial institution disclosed in that patent is capable of exchanging information and opening accounts with customers who access that institution from a variety of input sources in addition to personal computers, such as automatic teller machines (“ATM's”), telephones, personal digital assistants, (“PDA's”), telephone representatives and the like.
It is now commonplace for a bank customer to access a Web page on the Internet and, by providing personal identification information, access current information regarding the customer's various accounts with the financial institution that maintains the Web page. However, a disadvantage with such systems is that the number and variety of transactions that can be performed is limited. For example, while it might be possible for a customer of a financial institution to transfer funds from one account to another, or to purchase a certificate of deposit, it is not possible for that customer to, for example, renegotiate or “roll over” a certificate of deposit or other financial instrument. Accordingly, there is a need for a system and method for conducting financial transactions over a network that possesses greater capabilities with respect to transfer of funds.